Discuss the concept of organisational compliance

Reference no: EM132431245

Assessment Task - Essay: Learning a Lesson from Corporate Failures: The Need for a Value-Based Compliance Management System

Outcomes: Underpinning Knowledge

Addresses some elements of required skills and knowledge as shown in the Assessment Matrix

Description:

In March 2017, The Australian Securities and Investments Commission (ASIC) said it had started civil proceedings against the Westpac Banking Corp, a $113 billion bank, for "a number" of contraventions of responsible lending provisions contained in consumer protection laws. In 2009, the US Department of Justice won a $150m settlement from Deloitte, the world's biggest professional services firm, over its alleged failure to detect a long-running fraud at a former mortgage broker.

In one of the major financial irregularity cases in Australia, The Commonwealth Bank forced Storm Financial into administration on 9 Jan 2009 when the bank called up its lending facilities to Storm citing a default on Storms own margin lending facility with the bank.

Despite numerous legislations, standards, and protocols, we continue to see mismanagement, unethical practices (landing, credit etc.) and corporate collapses in Australia and around the world.

In this concise expository essay (maximum 1200 words), research and discuss the concept of organisational compliance within the Australian financial services sector context from a holistic viewpoint using "values" as drivers of best and ethical practice in addition to the legislative and professional practice frameworks. In effect, you will be focussing on theories such as value-based-management and management by principles while keeping the compliance and regulatory principles as the outcomes. Justify and argue why, in your view, a value-based compliance management system could or could not be viable in the sector. Ensure that you cover in your essay;

An overview of the Financial Services Sector in Australia
Summary of the regulator and compliance framework for financial services organisations
Examples of major corporate collapses (where compliance and management practice were issues) - examples of breaches
Components of a typical compliance management system
An overview of value-based management concepts (examples)

Role of values and values as part of the compliance management system (e.g. ethics, principles, leadership etc.)

The essay must be written in your own words and appropriate referencing and citation must be used in all external references (preferred: Harvard referencing system: Your trainer/assessor will provide you with referencing guidelines. There is no specific structure of essay, but it will be expected that you will present your essay with at least three identifiable sections; Introduction, body (main headings) and conclusion. Expository essays are based on facts and present a balanced analysis of a topic using facts, statistics, and examples (e.g. comparison and contrast).

The essay must contain sources/references from a wide range of publications including books, magazines, journals and online resources. Only online references will not be accepted. In an event where a book or a publication is accessed online or an electronic format, it should be appropriate referenced using the referencing guide.

The essay should be concise, succinct, and focussed on key points. The contents must be coherent and presented in a logical sequence (not just copy and paste from various sources) leading to a conclusion.

Assessment Criteria

The following assessment criteria will be used for marking this assessment task;

General information introducing the topic
Clear thesis/argument/stance and a statement of the main points
Structure and presentation of the essay
In-depth, accurate, and relevant facts/concrete details
Effective concluding sentence that restates the topic sentence
Coherence and logical flow of essay contents
Effective transitions throughout the essay
Originality and uniqueness in writing
Precise and engaging vocabulary - strong/thought-provoking voice
Concise analysis of literature/theory in own words
Strength of the issues identified, discussed
Relevance of the issues identified and discussed to the topic
Conclusion and closing remarks
Range of references used to support the arguments
Appropriate referencing

Reference no: EM132431245

Questions Cloud

The policy practice or advocacy Assignment : The policy practice or advocacy Assignment help and solutions:-Is continued policy practice/advocacy needed to make a long-term impact?

How many shares do you need to guarantee : How many shares do you need to guarantee that you will be elected to the board? Explain the complete solution of this problem.

What is the price of the bonds : The bonds have a par value of $10,000. If we assume semiannual compounding, what is the price of the bonds? Please explain the complete solution of this problem

How to record interest expense and amortization : Skysong uses straight-line depreciation for all similar cars. How to record interest expense, and amortization of the right-of-use-asset

Discuss the concept of organisational compliance : Addresses elements of required skills and knowledge as shown in the Assessment Matrix - Summary of the regulator and compliance framework for financial services

Decision to be described as a signal : Is this a signal? Why? What criteria can you identify as being necessary for a decision to be described as a signal?

Link between return on capital expenditure and the returns : Why does the cost of capital constitute a direct link between return on capital expenditure and the returns required by capital investors?

What type of income is robin ltd earning : Prior to the incorporation of Robin Ltd both Shari and David were employed by Faith Ltd. in the accounting department. What type of income is Robin Ltd. earning

International financial reporting standards : Briefly describe how the accounting for intangibles differs under international financial reporting standards?

User Account

All Pages